The PCAOB (Public Company Accounting Oversight Board) has approved the replacement of AS2 (Audit Standard 2) with AS5 (Audit Standard 5).  The proposed rule is subject to the SEC’s (Securities and Exchange Commission) approval, which is expected.

AS5 will require auditors to apply a top-down, risk-based, integrated audit approach to the audit of financial statements and internal controls of public companies.

AS5 can be located here:
http://www.pcaob.com/Rules/Docket_021/2007-05-24_Release_No_2007-005.pdf